Brandview World
Oct
A Human Center Makes Market Research All The More Powerful
jerry9789 0 comments artificial intelligence, Brand Surveys and Testing, Brandview World
The Future Of Research Is Here
You’ve seen it and there’s no denying it. Industries have been reshaped by the increasing utilization of Artificial Intelligence just in the last few years alone. Promising and delivering speed and optimization at the fraction of the costs and resources, it’s powerful, revolutionary and exciting. And as with any emerging technology, it comes with its own set of anxieties.
In line with its growing popularity and adoption, people in different industries have been expressing nervousness over being replaced in their jobs by AI. Certain repetitive, data-driven tasks are at the greatest risk of being supplanted by AI. However, AI also opens up opportunities to shift focus and upskill the more complex and creativity-driven facets of work roles, creating new jobs or augmenting existing ones.
The research industry is just as impacted by AI’s progressive application. It’s naive to assume that researchers would be replaced wholesale by AI, but there’s more to delivering research results than just gathering and crunching data.
Image: Circe Deyer
Our take on the integration of AI into research
We’ve always maintained that AI is a good advisor, but it’s a poor decision-maker. We’d like to modify that by saying it’s an even worse storyteller, if at all.
Cascade Strategies has been in the market research industry for over three decades now, serving some of the biggest local and international companies. You can say we’ve seen it all in this industry, but we’re just as fascinated as everyone else by the mainstream popularity of AI in the past few years. We’ve applied it in our methodologies, been impressed by its operational benefits and how it changed industries, but in the end, we know truthfully that it is not the end-all, be-all for research work. We believe that AI would serve us better by being a powerful extension of human judgment, creativity, and insight.
AI can be fed large datasets to approximate human thinking, but we believe it can never replicate human perspicacity, the kind of intelligence honed and guided by human values and experience. Take a look at our Expedia Group Case Study where we’ve utilized AI to generate multiple revenue-granting scenarios, then tempered the decision-making process by applying high-level human thinking to craft messaging that resonates with the end-user.
AI-driven research can produce results based on what has come before, but it can never uncover the truly novel, meaningful and resonant insights high-level human thinking unlocks. These are the insights that empower big and sweeping decisions. Data-based results from AI would seem lifeless and unrelatable. But if they are imbued with human interpretation, that output elevates into a masterful narrative that sparks imagination, questions boundaries, and transforms perspectives.
Image: geralt
Featured Image: mohamed mahmoud hassan
Top Image: geralt
Oct
Pendleton Woolen Mills – A Retail Story
jerry9789 0 comments artificial intelligence, Brand Surveys and Testing, Brandview World
Pendleton Woolen Mills allowed us to conduct qualitative and quantitative research for them. The result was a key brand insight about a kind of consumer called the Purist, who preferred the Pendleton shopping experience over the experiences offered by key competitors, and whose loyalty to Pendleton could be counted on. The campaigns built around the Purist helped Pendleton weather the storm of competition from competitors like Filson, Carhartt, and Orvis.
It’s doubtful that submitting the same data to AI would produce a finding as incisive as the Purist. This is something to bear in mind if you’re a retail brand seeking to thrive: human perspicacity counts.
There’s a kind of intelligence AI can’t reach. It has dimension, soul, and human inspiration. We’d do well to remember this as we pour more datasets into the maw of AI. If you’re a retailer and need perspicacity, you might call Cascade Strategies. We can help you see things AI can’t see.
Image: Eric Schucht
Oct
Blue Cross Blue Shield allowed us to conduct qualitative and quantitative research for them. The result was a key brand insight about the Sustainer, a kind of healthcare consumer who preferred to obtain coverage from Blue Cross Blue Shield rather than rivals United and Kaiser Permanente for a variety of reasons and tended to stick with Blue Cross Blue Shield for the long haul. The campaigns built around the Sustainer allowed Blue Cross Blue Shield to increase subscriptions and reduce churn.
It’s doubtful that submitting the same data to AI would produce a finding as incisive as the Sustainer. This is something to bear in mind if you’re a healthcare brand seeking to thrive: human perspicacity counts.
There’s a kind of intelligence AI can’t reach. It has dimension, soul, and human inspiration. In the healthcare business, we’d do well to remember this as we pour more datasets into the maw of AI. If you’re in the healthcare business and need human perspicacity, you might call Cascade Strategies. We can help you see things AI can’t see.
Image: A Healthier Michigan
Oct
AT&T allowed us to conduct qualitative and quantitative research for them. The result was a key brand insight about the Worry Wort, a kind of subscriber who preferred AT&T over rivals Verizon and T-Mobile for a variety of reasons and tended to stick with AT&T for the long haul. The campaigns built around the Worry Wort allowed AT&T to reduce churn and fend off wireless competitors.
It’s doubtful that submitting the same data to AI would produce a finding as incisive as the Worry Wort. This is something to bear in mind if you’re a telecommunications brand seeking to thrive: human perspicacity counts.
There’s a kind of intelligence AI can’t reach. It has dimension, soul, and human inspiration. In the telecommunications business, we’d do well to remember this as we pour more datasets into the maw of AI. If you’re in the telecommmunications business and need human perspicacity, you might call Cascade Strategies. We can help you see things AI can’t see.
Featured Image: (Public Domain)
Top Image: Brownings at English Wikipedia
Sep
Pan Pacific Hotels allowed us to conduct qualitative and quantitative research for them. The result was a key brand insight about the Cosmopolite, a kind of guest who preferred Pan Pacific lodging even when other hotel offers were better. The campaigns built around the cosmopolite allowed Pan Pacific Hotels to weather economic downturns and pandemics, and even expand into key markets in Asia.
It’s doubtful that submitting the same data to AI would produce a finding as incisive as the Cosmopolite. This is something to bear in mind if you’re a hospitality brand seeking to thrive: human perspicacity counts.
There’s a kind of intelligence AI can’t reach. It has dimension, soul, and human inspiration. In the hospitality business, we’d do well to remember this as we pour more datasets into the maw of AI. If you’re in the hospitality business and need human perspicacity, you might call Cascade Strategies. We can help you see things AI can’t see.
Featured Image: Saksham Vikram
Top Image: Alix Lee
Aug
Do You Know How Many HHCAHPS Stars You Have?
jerry9789 0 comments Brand Surveys and Testing, Brandview World, Burning Questions
What Is The HHCAHPS Stars Ratings?
Is your home health agency delivering not just acceptable but high-quality care according to your patients? Are your staff effectively communicating and connecting with your clients? How do you compare to other home health agencies in your area? But more importantly, do you know how many HHCAHPS Stars you have?
In line with the Affordable Care Act’s goal for transparent and easily understandable public reporting of quality of care information, the Centers for Medicare and Medicaid Services (CMS) uses a 5-star scale rating with the Home Health Care Consumer Assessment of Healthcare Providers and Systems (HHCAHPS) survey. The first national, standardized, and publicly reported home health care patient survey, the 34-item HHCAHPS survey was specifically designed to measure the experiences of people getting home health care from Medicare and Medicaid-certified HHAs. It gathers feedback from current or recently discharged patients as well as their family or friends about their experience with an HHA. The HHCAHPS survey is conducted by approved survey vendors either by mail only, telephone only, or a mix of mail survey with a telephone follow-up for non-respondents. And to support internal customer service and quality-related efforts, the survey also allows HHAs to add their own customized questions after the core questions.
HHAs with at least 40 completed HHCAHPS surveys over the publicly reported four-quarter period are qualified to receive HHCAHPS Star Ratings. Those with fewer than 40 completed HHCAHPS surveys will not receive Star Ratings as they may not have sufficient statistical reliability to ensure true performance is measured; however, if they’re eligible to be reported during that time period, their individual HHCAHPS measure scores will still be publicly reported.
The HHCAHPS Star Ratings at the Home Health Compare make it easier for consumers to compare home health agencies (HHA) and make informed decisions when choosing their home health care provider. While the HHCAHPS Star Ratings do not impact an HHA’s Annual Payment Update (APU), the CMS believes that the HHCAHPS Star Ratings “will stimulate improvements in the quality of care delivered and provide incentives for HHAs to maintain or improve their own quality.”
Image: Kampus Production
What Do The HHCAHPS Stars Ratings Measure?
The HHCAHPS Star Ratings are applied to each of the three publicly reported composite measures, from which specific questions from the survey are based, namely Care of Patients, Communication Between Providers and Patients, and Specific Care Issues. A Star Rating is also applied to the HHCAHPS global item, Overall Rating of Care.
On the other hand, an HHCAHPS Star Rating is not applied to the publicly reported Willingness to Recommend measure, as it mirrors the data in the Overall Rating of Care. CMS has found the Overall Rating of Care measure to be more stable.
To calculate the HHCAHPS Star Ratings, the responses to the survey items are first combined and converted to a 0-100 linear score and then adjusted for the effects of patient mix. To generate this adjustment, the CMS applies the patient-mix adjustment to quarterly HHCAHPS scores to account for certain patient subgroups that tend to respond more positively or negatively to the survey. The four-quarter averages of HHCAHPS linear scores are then rounded to whole integers using standard rounding rules.
Once the scores are linearized, adjusted and rounded, CMS assigns 1 to 5 stars for each HHCAHPS measure by applying statistical methods that analyze the relative distribution. The Star Rating for each of the four measures is then determined by the application of a clustering algorithm to the individual measure scores across HHAs.
The four HHCAHPS Star Ratings are then combined as a simple average to form the HHCAHPS Survey Summary Star Rating.
While more stars would mean a better home health care experience, a 1-star rating doesn’t necessarily translate to receiving poor home care from an HHA. This may mean that HHAs that received 2 or more stars delivered a better home health care experience on this particular measure.
An HHA that doesn’t have an HHCAHPS Survey Summary Star Rating means that they didn’t have enough surveys to allow star ratings to be meaningfully calculated, not that there is something wrong with the agency.
Image: Antoni Shkraba Studio
How Cascade Strategies Can Help Your HHA With Your HHCAHPS Star Ratings
As we’ve touched on earlier, you can find your HHCAHPS Star Ratings at the Home Health Compare. This user-friendly web tool allows one to select multiple HHAs at a time to compare the clinical quality of care provided and patient experiences at these agencies.
Are you happy with your HHA’s HHCAHPS Star Ratings? If you think your HHA can do a better job in getting more stars but need help formulating a gameplan, consider partnering with Cascade Strategies. In addition to being an approved HHCAHPS survey vendor, Cascade Strategies brings over thirty years of high quality market research experience to the table. For starters, we can help your HHA come up with the customized questions you can add after the core questions in your HHCAHPS survey. Using the insights we can derive from the responses to these customized questions, we can help your HHA identify areas of improvement and figure out what steps you can take to achieve your goals. To learn more about how we can help your HHA and your HHCAHPS Star Ratings, please contact us here.
Additional Reading:
How Researchers Are Helping Home Health Agencies with HHCAHPS Surveys
Featured Image: Tima Miroshnichenko
Top Image: Antoni Shkraba Studio
Aug
How Excellent Market Research Benefits Manufacturing Companies
jerry9789 0 comments artificial intelligence, Brandview World, Burning Questions
More than just an invaluable asset, market research is an essential tool to any company — or industry, for that matter. From identifying and tailoring your messaging towards your ideal customer with consumer research to understanding the competition and strategically positioning your company with competitor research, great market research grants you and your firm vital and actionable insights that would prove key to the success of your marketing efforts. In addition, excellent market research helps companies manage risks effectively and efficiently, as well as aid in measuring the progress and success of projects or even your company as a whole.
The manufacturing industry not only stands to benefit from high quality market research, it’s crucial to its continued growth, innovation and evolution, especially in an industrial landscape that’s continually transforming with technological advancements along with global, cultural and attitudinal shifts. From the steam and watered-power machines of the First Industrial Revolution to the expansion of network systems and electrification of the Second Industrial Revolution to the information technology focus of the Third Industrial Revolution (the Digital Revolution), the manufacturing industry’s evolution continues on in its latest iteration with Industry 4.0, harnessing modern and emerging technologies to facilitate the merging of the physical and digital realms.
And on that note, we take a look at 10 manufacturing industry trends today that exceptional market research can help manufacturers navigate and adapt to as the Industry 4.0 era unfolds.
Image: Livia Wong
1. Smart Factories
Perhaps the best representative of things to come with the Fourth Industrial Revolution, smart factories utilize Industry 4.0 technologies to streamline and improve operational efficiency, quality and maintenance while reducing errors and waste. Older machines are gradually giving way to newer counterparts built with onboard sensors, monitoring tools, interconnected systems and in some cases, machine learning capabilities.
With more and more manufacturing companies transitioning to automated facilities plus the decreasing costs to acquire sensors, software and equipment, manufacturers big and small are all the more incentivized to join the smart factory revolution — if they haven’t yet — to not only keep up with the competition and the changing times but also take advantage of the irresistible operational benefits.
2. Artificial Intelligence
AI has disrupted multiple industries, and manufacturing isn’t immune to it; in fact, it has openly and quickly embraced and adopted it, seeing all the tremendous advantages it brings with its data-crunching prowess and advanced decision-making insights to the core aspects of smart production, quality control, supply chain management, servicing and maintenance, along with enhancements to processes, products and services.
More and more manufacturing companies are finding success and are able to scale competitively when strategically leveraging AI in automating and streamlining their operations, especially when it’s combined with other contemporary technologies. But perhaps the best combination of them all is when AI is combined with human creativity and experience, opening doors for innovation and further advancements.
3. Digital Twins and Data-driven Predictive Maintenance
If smart factories are revolutionizing manufacturing operations, digital twin technology and data-driven predictive maintenance are transforming equipment maintenance and operational downtimes. By utilizing virtual replicas or “digital twins” of equipment and devices, manufacturers can simulate equipment performance under different scenarios and situations to gain valuable insights. These data-driven insights would help manufacturing companies anticipate or predict when an equipment would need servicing or maintenance, reducing or eliminating unexpected downtimes and equipment breakdowns. At the same time, maintenance costs are reduced, material cost savings are increased, and the usage or life cycle of the asset is optimized.
And digital twins aren’t limited to physical assets only, as they can also replicate systems or processes to test new ideas or optimize existing ones before applying any changes or updates to live production. The digital twins approach not only helps minimize resource consumption and waste, but also improves business decisions by backing them with data-driven insights.
4. Other Notable Industry 4.0 Technologies (AR/VR/Robotics)
Arising from the realms of gaming and entertainment, augmented reality (AR) and virtual reality (VR) have now begun revolutionizing manufacturing. Product design, quality control, maintenance and repairs, remote collaboration and even employee training — all these are being impacted and improved by the application of AR and VR technology.
Robotics may have been around longer than AR and VR but modern robots are far more advanced than their forerunners programmed for repetitive tasks. Thanks to AI and automation software, today’s robots are autonomous, collaborative, and far more capable of performing complex tasks and operations.
These technologies in conjunction with AI make it possible for manufacturing operations to be run remotely or without any operator onsite. And as these technologies grow popular to become widely used and accepted, we might even see more fully automated manufacturing facilities called “dark factories” be developed in the near future.
5. Sustainability and Carbon Neutrality
No other industry is perhaps under greater pressure to pursue sustainable processes and carbon-neutral practices than manufacturing. Contracts with governments and institutions and eventually commercial clients require compliance with sustainability efforts while more and more consumers are supporting reputable, sustainable brands.
The manufacturing industry itself is advancing sustainability efforts by developing and employing green software to aid with carbon neutrality, waste reduction, and energy consumption optimization. Renewable energy integration in physical locations is also being embraced, while cloud infrastructure solutions and carbon capture technology are being viewed for their potential. Working toward sustainable practices and carbon neutrality isn’t without its own rewards for the business, as it’s been found that eco-conscious manufacturing companies are able to significantly reduce costs and improve efficiency with their sustainability efforts over time.
6. Reshoring
Reshoring refers to returning production operations back to the manufacturing company’s home country from overseas locations. This trend was a result of recent global events disrupting supply chains. It benefits the manufacturer with shorter supply chains, better quality control, faster market delivery, domestic economic boost, and improved sustainability efforts.
However, reshoring isn’t a decision a manufacturing company should take lightly, as one would need to factor in labor costs, skill, infrastructure, and more, as smaller-scale firms might find it more costly to operate domestically than overseas.
7. Decentralized Manufacturing
Another approach to improving supply chain resilience from disruptions is decentralized manufacturing, which is the distribution of production activities across multiple locations in the form of microfactories. Additional benefits of decentralized manufacturing include reduced logistics costs and quicker response times to local market demands.
While the coordination of multiple microfactories and achieving standardization across all sites may prove to be challenging, Industry 4.0 technologies can aid in making decentralized manufacturing more accessible and manageable through improved transparency and responsive production models.
8. Tapping into B2C
With the ever-growing popularity of e-commerce, manufacturing companies can now bypass the traditional lines of retailers and distributors and sell directly to the end consumer. Smart factories, 3d printing and additive manufacturing also make it possible to offer customized products based on a customer’s preferences. The advent of new manufacturing technology or the evolution of existing ones would only open up more opportunities for enterprising manufacturers looking to connect further with consumers.
9. Cybersecurity
The manufacturing industry’s increasing digitization has made it an irresistible target for cybercriminals, exploiting vulnerabilities with cyberthreats and attacks ranging from ransomware to industrial espionage or even supply chain and/or operational disruption. It’s no surprise then that cybersecurity has joined the elite group of paramount concerns for any manufacturing company.
Measures include multi-layered security, secure-by-design, zero-trust architecture, AI-driven threat detection, advanced encryption, and regular updates and patches, as well as employee cybersecurity training. Cybersecurity is more than just data protection or an IT concern now for manufacturing companies as it safeguards their production, finances, integrity, and reputation.
10. The Workforce of Industry 4.0
In spite of all the exciting technologies emerging in the Fourth Industrial Revolution, the manufacturing industry is experiencing widening skills gaps and labor shortages. These difficulties could translate to a loss in revenue of $1 trillion if approximately 2.1 million jobs aren’t filled in by 2030.
To address these challenges, manufacturing companies could start with reviewing all of their production processes from the ground up and assessing areas that could be improved by a highly skilled and competent workforce. Yes, the manufacturing industry is moving towards automation and advanced technologies but it can’t truly innovate without human creativity and experience.
Manufacturing companies are planning to offer higher wages by at least 3%. At the same time, they’re investing in training programs to reskill or upskill existing employees for the Industry 4.0 work environment. Incorporating new manufacturing technologies like AI and AR in these training programs can help employees not only learn faster, but also give them familiarity and first-hand experience with these digital trends. The same technologies can also be deployed for improving employee health and safety at the workplace.
Other approaches that manufacturing companies can consider taking range from partnering with local educational institutions in creating curriculums tailored for manufacturing careers, diversifying the recruitment pool, and creating appealing work environments which offer flexible schedules, potential promotions, and career development.
Image: InWay
How Cascade Strategies Can Help Manufacturing Companies with Advanced Market Research
Hewlett-Packard wanted to discover what feature-price combinations in high-frequency oscilloscopes would optimize profit. We conducted an advanced conjoint study followed by AI-based modeling to evaluate sales scenarios. Out of hundreds of attributes, we found the qualities below to be most salient. Using the most salient attributes as predictive vectors, we developed an AI model to determine the unique price-feature combinations that would produce the most profit and presented the top 3 to Hewlett-Packard.
We’ve highlighted 10 manufacturing trends shaping the future of the manufacturing industry in this selection but there are actually more out there that we didn’t touch on. And as new technologies arise, existing ones improve, and other industry changes or shifts happen, more trends are sure to emerge.
Regardless of trends, you can be sure to count on market research to help you determine the best approach to leveraging new technologies or guide business decisions to ensure your manufacturing company stays competitive and relevant. Would it be beneficial or costly for your company to go with a dark factory over a smart factory? Which of your AI-driven production processes would benefit from human supervision and input? Are your sustainability efforts being seen and appreciated by your consumer base or do you need to do more?
Between reshoring and decentralized manufacturing, which one would work best for your company? Are you able to expand into B2C? Are your training programs effective in making your employees understand and uphold cybersecurity commitments?
As with any AI-powered or data-driven Industry 4.0 technology, the high quality market research Cascade Strategies provides grants valuable and actionable insights into the operations, perception, and potential of your manufacturing company. If you would like to find out more about how Cascade Strategies can help your manufacturing company thrive in the Fourth Industrial Revolution, please contact us here.
Featured Image: Hyundai Motor Group
Top Image: Foto-Rabe
Jul
How Market Research Benefits Telecommunications Companies
jerry9789 0 comments Brand Surveys and Testing, Brandview World
The Telecommunications Industry Post-COVID
We’re some years removed now from the COVID-19 pandemic, but from that bleak and forlorn stage in time, the telecommunications industry has proven just how essential its services are to the whole world. It’s always been one of those industries that’s expected to grow steadily through the years given the constant need for communication and connection along with the emergence of new technologies. But probably not everyone prior to the pandemic and lockdown could’ve anticipated just how much growth in some of telecommunication’s notable sectors would skyrocket.
What was once the domain of the select few who opted to work, transact, or learn virtually, remote environments have been elevated from viable options to cornerstone platforms in the plans and strategies of businesses and educational institutions. Streaming services gained more popularity during the lockdown, rewriting the book on how we access and enjoy entertainment from that point onward. More and more smart devices are being introduced to the market along with the proliferation of Internet of Things (IoT) applications like security systems. From video conferencing to online collaborations, from seamless viewing experiences to uninterrupted real-time data transmission, providing stable and reliable connections is paramount for the continued success and growth of any telecommunications company.
But beyond that, a telecommunications company must also be able to look forward and recognize areas where it can grow further as well as anticipate any possible changes that could affect the industry, such as shifting attitudes and market trends, lest they fall behind and be overtaken by the more prepared and forward-thinking competition. Telecommunications market research is a vital key in helping a telecommunications company thrive amid an ever-changing landscape while staying relevant and competitive.
Copyright: Yan Krukauo
How Market Research Helps Telecommunications Companies
Great research helps telecommunications companies in a number of ways. A chief benefit from telecommunications market research is discovering and understanding changes in consumer behavior and needs via customer feedback, their buying patterns and other sources. And this won’t be limited to just a general overview, as market research can deep dive into each consumer segment or profile to uncover underlying specific needs and preferences.
This would help guide business decisions in determining whether a new product or service has a viable market or an ideal customer segment as well as identify if there’s an opportunity to improve or rethink existing offerings. Concepts that worked back in the pandemic might not be as appealing or practical the farther we move away from that restrictive period of time.
Market research also sheds light on what current and potential customers think of your telecommunications company’s brand. High expectations could mean that your brand is an industry leader or pioneer, giving all the more reason to stay ahead of the competition by exploring opportunities to introduce new products or services before others could come up with similar offerings. Negative perceptions could reveal where your brand is lacking and whether there’s an opportunity for rebranding or how such a reinvention could be accomplished. How your brand is being perceived could also serve as the benchmark for rethinking strategies, pricing, tiers, or packaging. This also extends to capturing the interest and eventual support of consumers on the fence or converting lukewarm clients into steadfast advocates. With customer loyalty in place, a telecommunications company can effectively devise and implement customer appreciation programs and promotions.
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Navigating The Future with Telecommunications Market Research
Telecommunications companies need great market research now more than ever with the emergence of cutting-edge technologies like AI, cybersecurity and edge computing. But more importantly, we’re witnessing the gradual rollout of 5G network and services which support not only enhanced mobile experiences but also IoT, autonomous driving cars, smart cities and more. Great research can help a telecommunications company position itself at the intersection of these new technologies and the consumer market through the development of relevant products, partnering with tech leaders, and the delivery of seamless integration experiences.
And with the world becoming more and more digitally connected, it’s no surprise that cybersecurity and privacy are becoming foremost concerns. Telecommunications market research therefore becomes key in recognizing and addressing customer concerns over the security of their data and information, shaping privacy policies, and guiding business decisions about which advanced cybersecurity measures to invest in. When delivered in relatable and understandable terms to consumers, a telecommunications company’s effort to soothe data security and privacy concerns can convert into the building of trust and goodwill.
An increasingly interconnected world also means that competition can go beyond borders and achieve global scale. Whether a telecommunications company takes a cautious approach or aggressively expands, market research is that indispensable asset informing company leaders and investors on how to safeguard local market shares, navigate regional and regulatory challenges, recognize key competitors, choose potential partners, tap niche markets, and more.
Copyright: Pixabay
Cascade Strategies and Telecommunications Market Research
All over the Internet you’ll find articles and blogs on how to conduct market research, including research for the telecommunications industry. The question is, would you rather conduct this research yourself or would you prefer tapping into telecommunications market research backed by 35 years of experience?
Cascade Strategies brings to the table over three decades of market research experience, which includes case studies for esteemed telecommunications clients like AT&T, Sprint, and T-Mobile. That experience includes not only a variety of primary research methods encompassing traditional qualitative and quantitative approaches, but also leverages cutting-edge technology like AI. This is accompanied by extraordinarily high-level human thinking to achieve “breakthroughs” — actionable, out-of-the-box insights that build and set your brand apart from the competition. Contact us today to learn more how we can help you with your telecommunications market research!
Copyright: Kaboompics.com
Featured Image Copyright: Andres Ayala
Top Image Copyright: wd toro
Jun
How Great Research Helps Financial Services Companies
jerry9789 0 comments artificial intelligence, Brand Surveys and Testing, Brandview World, Burning Questions
From maintaining loyalty and fostering customer relationships to focusing marketing messages on the most profit-optimal consumer, great research is helping Financial Services companies identify not only their best customers and prospects but also their needs and why they prefer their brand over others. This is done through a high-quality segmentation study and persona development, which break a company’s market into different groups so that different strategies for marketing to these groups can be leveraged. The main reason a company wants to complete market segmentation research is so they can gain actionable insights, like how to sell more of their product or services.
Take for example, Banner Bank for whom Cascade Strategies developed a brand model which identified “Strivers” as the primary segment they should focus on. The bank initiated special promotions and appeals featuring the products of greatest interest to Strivers. A Striver-specific ROI program was developed to measure the degree of program success. Modeled indices were used to set Striver product targets by branch. After 2 years of activity, Banner Bank exceeded all key Striver product targets system-wide.
Read about our approach to high-quality brand development research here.
Another example is the case of Capital One where they needed help trying to identify the “persona” or psychographic type most interested in adopting a certain mobile app for personal investing. We conducted in-person depth interviews with “mobile-minded consumers.” We also conducted an unpacking session with Capital One staff where individual staff members were given assignments to review videos and be prepared to discuss key traits and behaviors of respondents, such as outlooks, investing styles, goals, worries, needs, plans, and so forth.
We identified that the “Empath” is the most interested in adopting a certain mobile app for personal investing. The “Empath” persona is fairly immersed in pragmatic thinking and probably best understands the possibilities for “thinking” or guidance apps, allowing Capital One to focus their brand campaign effort on the needs of this psychographic type. The net result was a highly successful new product introduction.
Read about our approach to segmentation studies and the development of brand personas here.
Image: Cottonbro Studio
“But wait, can’t AI do this?” you may ask. While there is a faddish and hype-driven tendency to turn quickly to AI for short-cuts in market research, AI cannot yet fully replicate the deep interpretive and intuitive skills of the human brain, especially the right brain (the nonrational side). Moreover, effective AI deployment requires human supervision and involvement as final arbiter of how the outcomes will be leveraged.
As you can see, market research results as good as the examples above come from human-centered thinking, the kind that allows brands to break past ordinary bounds and achieve true excellence. It’s this kind of extraordinary thinking that Cascade Strategies has consistently provided a long list of US and international clients for 33 years.
Feel free to reach out to us to discuss your needs at https://cascadestrategies.com/contact-us/
Jun
AI In Retail: Market Research In Play
jerry9789 0 comments artificial intelligence, Brandview World, Burning Questions
Perhaps there is no better example of market research in play than the utilization of artificial intelligence in retail. AI has disrupted industries after gaining traction and mainstream popularity just in the last few years, but its transformative power is arguably most visible in the retail landscape. From personalized shopping experiences to visual merchandising, we’ll take a look at the impact AI has had so far not only on the retail industry, but also on retail market research today.
Personalized Shopping Experience
We’re now at the point where customers expect brands to not only acknowledge them but understand and cater to their preferences. Retailers have traditionally prized such insights as vital to conversion rates, marketing campaigns, and brand loyalty. AI is in the perfect position to deliver these insights at a more incisive and actionable level. By analyzing a customer’s data such as browsing history, purchasing behavior, preferences, wishlists, and shopping cart items, AI is able to create personalized and tailored recommendations that help simplify the shopping process and guide consumers toward better purchasing decisions, thus contributing to a more enjoyable shopping experience. In fact, a McKinsey report found that 35% of Amazon purchases were due to personalized recommendations.
Aggregate customer data of this type helps shape the direction of a brand’s marketing campaign by identifying and homing in on the ideal customer for a particular product or service, reducing traditional marketing costs while optimizing conversion. This also extends to lead generation as the customer data gathered from transaction history and personal preferences can help form a prospect list for future products and campaigns.
The extensive data of browsing and purchase history along with personal preferences also benefits product searching and product description generation. The former means that AI is able to produce highly accurate site search results based on context and intent even if a customer struggles with the appropriate keywords for the product they’re looking for. The latter saves time and increases efficiency by generating comprehensive, unique and engaging product descriptions that are also SEO-optimized, especially when combined with product image analysis and natural language processing.
Loyalty and rewards programs can also be made more effective with incentives and exclusive deals aligned to a customer’s taste and preferences over generic, random, and unenticing offers, encouraging engagement and increased or repeated visits or spending while also improving retention.
Copyright: Pexels
Dynamic Pricing and Promotions
Retailers are now able to unlock another advantage with AI through dynamic pricing strategies and promotions. This ability allows retailers to adjust pricing based on real-time analysis of market conditions, competitor pricing, inventory levels, consumer demand and behavior, just to name a few factors. This can be done not only by branch or region but also on an individual level, and can take advantage of peak hours, promotional activities or clearance sales. Dynamic pricing allows retailers to maximize profits, maintain competitiveness as well as engage or retain customers looking for better deals.
Predictive Analytics for Inventory Management and Demand Forecasting
It’s important for retailers to optimize inventory management to prevent overstocks or stockouts, maximizing sales while minimizing losses. Step away from those time-consuming and fallible spreadsheets, though; AI-powered predictive analytics is now the key tool in any retailers’ arsenal for demand forecasting. By analyzing sales data based on purchasing history, market trends, inventory levels, consumer behavior and preferences, retailers are able to predict future trends to improve operational efficiency by making smart decisions with stock planning and supply chain management. This is further augmented by employing cameras, digital sensors or smart shelves to monitor inventory levels in real-time, allowing store staff to replenish shelf stock from the supply room when needed.
In-store Navigation
AI-powered chatbots and virtual assistants are helping improve customer satisfaction by assisting and guiding with site navigation and other queries, but they’re not limited to the online realm as they can also be used by physical locations. Aside from simple navigation instructions, in-store navigation can be taken to the next level with an AI-generated foot trail map optimized with the best path for navigating across the store based on the items on the customer’s shopping list.
AI can also provide valuable feedback and insights for optimizing store layout and foot traffic from the customer movement patterns it captures and analyzes. These insights can also help with the placement of particular products a store would like to promote or increase visibility of.
Copyright: TyliJura
Visual Merchandising
The days of static print and basic digital signage are slowly going out of style; retail visual merchandising is now evolving to tell dynamic and engaging brand narratives that extend from the purely informational to the experiential. Powered by AI, retail experiences now allow brands to connect and resonate with consumers more effectively than before with visual merchandising content that’s not only relevant to the buyer’s journey but also convey a strong and intelligent creative direction.
Imagine AI-powered signage that reacts or adjusts content in real time to help you with your purchasing decision at a store, especially at times when you’re looking at the shelf or aisle and not sure which brand to pick. Dynamic visual merchandising can highlight products based on current popularity or stock to influence your choice. During peak hours, this could mean you’re able to get your hands on the best-selling item before it runs out or select the product with enough available stock if you need to meet a certain quantity. Unlike manual content, which could outdate if the product presented has stocked out, AI-driven merchandising can present alternatives and introduce new brands which would otherwise have been unexplored or missed by consumers.
Emerging technologies such as virtual try-on and augmented reality (AR) add another layer to how customers interact with products. The former uses AI to simulate how clothing or accessories would look like or fit on a customer, while AR helps visualize products in different settings or styles. These technologies help reduce return rates and drive customer satisfaction and brand loyalty.
Copyright: TyliJura
We’ve touched on only a few of the current and noteworthy applications of AI in retail. There are many others, and more will likely be added in the near future as this technology continues to evolve. Embracing AI can reward a brand or company with competitive advantages and success, but the rewards aren’t necessarily reaped overnight. AI saves time, reduces costs, and optimizes sales and operations; but companies need to be strategic, adaptable, innovative, and ethical when harnessing this technology. Not only would a retailer need to invest time, effort, and resources to build the extensive data and foundational systems of their AI infrastructure, they would also need to gain an understanding of how everything connects and works with one another, as well as how it all aligns with their company’s goals.
If you’re a retail company looking for help in adopting AI in the best way possible, Cascade Strategies can assist you in this endeavor. Not only are we well versed in AI technology, we are advocates of “appropriate use of AI.” We appreciate the advantages and benefits AI brings, but we firmly believe that it’s at its most effective when harnessed and guided by human values and experience. Contact us today to learn how Cascade Strategies can help your company enrich retail operations and the shopping experience you offer to your customers with AI.
Featured Image Copyright: Demian Smit
Featured Image Copyright: ArtisticOperations
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